www.globalchange.com Banks will become phone companies and telecom companies will become banks. Mobile payment systems, micropayments, mobile phone credit card transactions and loans. Economic impact of remittances from foreign workers using SMS credit to avoid foreign exchange transaction costs. How biometrics fingerprint technology will allow large mobile phone payments. Commissions and interest charges on loans. Impact of revenues from American Express, Visa, Delta, Access, Mastercard moving to mobile phone transactions. Conference keynote speaker and Futurist Dr Patrick Dixon.
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Yes mobile payments will operate alongside traditional banking.
True – criminals will try to attack mobile payments – they already are.
Yes phone reliability needs to improve.
Thanks – glad you liked it.
Great post
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great more debt. for us the consumer…the concept is fantastic though….
The way of the future. How far we have come or have we? I am not sure though because the average cell phone user changes their phone every 18 months because of loss or damage.
another way for criminals to safely move funds internationally….. eventually placing more pin numbers, biometrics etc having to be used for the common law abiding user.
I hope carrier who take this onboard are ready for the increased traffic, SMS used to be delayed up to 2-3 days here in australia in heavy communications events like new years eve / xmas
Suggesting the concept of using the mobile phone in place of credit cards or for trading the money.Excellent idea which can happen soon. But we do need banking system to run this concept in financial setup one needs a system like banking and ready network to in place like banking sector which can take the advantage of this new technology like internet banking.Good idea.
I am not very knowledgeable about these matters, but I know that these days, large companies and governments know how to extract money from new markets. The phone companies will become the banks, the customer will end up with all the charges and fees, but none of the security or other benefits. As good an idea as this seems, unless it is done right, this has the potential to become yet another problem in peoples lives, in the west and the developing world. I hope it comes good though. Regards.
But I think there are opportunities for new business models eg phone companies without banks – look at remittances. 10s of millions of dollars starting to move across national borders as SIM card credits – buy credits in one country and family member pays for food with them in another.
Yup…..there are always issues and there always will be, they are conducive to business.
Well there are many banking and technology issues here.
This is sure to happen, just look at the dollar signs in their eyes! As usual it won’t be done properly, there will be the obligatory novel exploitations of the new system. The banks will figure out how to keep charging you, but now you will also have to pay the phone company. Robbers will now only need to cut off your thumb and/or clone your sim to steal all your cash. What happens when the network goes down? This is just going to be another invisible hand in all our pockets.